Bank of Ireland has announced the departure of the chief executive of its key Retail Ireland division.

Liam McLoughlin, who is believed to have applied for the role of group chief executive last year before losing out to Francesca McDonagh, is to “pursue other interests”.

Mr McLoughlin has held a number of senior roles since joining Bank of Ireland in 2004, including director of group finance, head of group manufacturing, and chief executive, Retail Ireland, a role he has had since 2012.

Bank of Ireland chief executive Francesca McDonagh said: “Personally, on behalf of the group, I want to thank Liam for his loyal service and commitment and to take this opportunity to wish him every success in the next phase of his career.”

The group said it had begun the process of identifying a permanent successor, subject to relevant regulatory approval.

In the meantime, Des Crowley, chief executive of Retail UK, will fill the role in tandem with his existing portfolio.

Separately, the bank has announced a partnership with Trinity College Dublin that will support students and graduates developing innovation and entrepreneurial skills.

All Trinity students, researchers, and graduates can avail of innovation, entrepreneurial and idea development programmes at the Trinity Innovation and Entrepreneurship Hub.

The partnership will support the development of a new undergraduate certificate in innovation and entrepreneurship as well as the expansion of existing programmes such as LaunchBox, the Trinity student business incubator.

The new undergraduate certificate in innovation and entrepreneurship will open this year to all students from second year upwards.

Ms McDonagh said innovation was “critically important” for the bank.

Trinity College provost Patrick Prendergast said the college was committed to providing an environment that “supports and encourages innovation at all levels” across the university.

“It is a core element of Trinity’s strategy, ensuring that we create value from our leading research and equip our students with the ability to drive innovation and thrive in a world of constant change,” he said.